From Brazil to India, Pain From Currencies

SÃO PAULO—The expected end of the Federal Reserve's era of easy money has hit currencies in emerging markets from the rupee to the real. And that is hurting corporate profits from Bangalore to Brazil.

Consider the case of Brazil's Gol Linhas Aereas Inteligentes, the country's second-biggest airline. About 60% of its costs, such as jet fuel, are in dollars, while revenue is in reais. The real fell as much as 15% after the Fed in June...